The analyst updated a prior price forecast for VET in light of current market conditions in a recent X post. EGRAG previously predicted in April that the price of XRP would experience an abrupt increase. He expected a variety of prospective courses of action for the cryptocurrency.
The most recent analysis was derived from the April post. He emphasized a prior price trend that he referred to as “Move B.”
Significantly, VeChain replicated Move B when it surged from its March 2020 low of $0.00143. In April 2021, the asset surged to an all-time high near $0.27.
This Move B occurred after a comparable surge in prices, referred to as “Move A,” that occurred between 2018 and 2019. According to EGRAG’s analysis, VET is attempting to replicate the trajectory of Move A, which would increase the price of the cryptocurrency token to approximately $0.90.
The Move A objective, as determined by EGRAG, would correspond to a threefold surge in value relative to the preceding peak of VET.
The analyst subsequently shifts their focus to Move B, which is anticipated to generate an additional surge in price, ultimately culminating in a threefold increase to the ultimate target of $1.6.
The $1.6 objective corresponds to the 1.618 Fibonacci level. Despite this, the cryptocurrency asset must overcome numerous resistance levels to achieve the lofty $1.6 target.
The current market value of VeChain at the time of writing is $0.03668. The asset would have to increase 6.3 times, or 636 percent, from its current price to its previous all-time high of $0.27.
Notably, the $0.27 peak is at the Fib. 1 level. If VeChain were to surpass this price, it would encounter the subsequent critical obstacle at $0.6074, which is located at Fib. 1.272.
A breach of $0.6074 would then result in the $0.91 resistance level, which corresponds to the anticipated apex price for Move A. The $0.91 price threshold is the final obstacle before the $1.6 fee, according to EGRAG’s chart data.
Conversely, VeChain has exhibited strong performance over the last half-week. Since late November, the cryptocurrency asset has consistently generated green weekly candlesticks.
A continuation of the bullish weekly close into the current month. VET has increased by 72% since November 20.
